TAIPEI, Taiwan -- Taiwan's machine tool exports will increase in 2014 amid an improving global economy, returning to similar levels as in 2012, a local industry group said Saturday.

Exports of Taiwan's machine tools are expected to grow 15 percent in 2014 after posting an annual contraction of some 16 percent in 2013, Carl Huang, secretary-general of the Taichung-based Taiwan Machine Tool and Accessory Builders' Association, told CNA.

Taiwan's machine tool exports reached a new high of US$4.24 billion in 2012, according to official statistics.

“This year's (machine tool) export figures are likely to improve quarter by quarter,” Huang predicted, noting that the United States and Europe are enjoying steady economic recovery.

Even though China is currently adjusting its economic structure and might see only mild economic growth in 2014, there is still demand there, he added.

Huang's remarks came in the wake of preliminary statistics that showed Taiwan's machine tool exports totaled US$334 million in March, up 44.2 percent from the previous month and 14.4 percent year-on-year.

First-quarter exports totaled US$813 million, representing a 4.6 percent growth from the same period in 2013, the statistics indicated.